A £12 million site in London has been acquired for a new hotel by PPHE Hotel Group.

The site is near the company’s Park Plaza London Waterloo.

The group plans to develop a hotel on the land, subject to gaining planning permission.

PPHE is one of the largest owner and operator of hotels in central London as part of a portfolio of 38 properties.

It already has plans for two new hotels in the capital and one in New York City to add 600 rooms over the next four years.

The company said: “The group acted quickly to secure this attractive opportunity, which is situated near to Park Plaza London Waterloo.

“The acquisition is aligned to PPHE Hotel Group’s proven development strategy of targeting real estate in prime locations and attractive geographies where there is significant upside potential to drive growth and long-term value through both the property portfolio and operations.”